Thanks to Rakesh for chasing up that particular Goodwin article.
His sentiment--that mechanisation has made the level of employment
an endogenous variable, rather than a determinant of capitalist
profits--is similar to those Rakesh cited of Leontief (?) yesterday,
that technical progress could mean increasing unemployment and
declining wages. This effectively argues that the rates of
growth and accumulation are "de-coupled" from the rate of growth
of the workforce. Both, however, foresee crises of effective
demand. They are thus arguing that the generation of surplus no
longer relies solely upon the exploitation of labor, but that
the transition from a society where it did to one where it does
not must involve crises in the realisation of surplus, and of
course social conflict.
Well I, for one, unfortunately think they are both quite correct.
Cheers,
Steve "Ahab" Keen
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